BajaNomad - Benefitionary name change on Fidecomiso

Benefitionary name change on Fidecomiso

sanfelipebob - 9-21-2007 at 06:40 PM

I need to switch my benefactors names on fidecomiso. Has anyone done this or have knowledge of how it is done?

Russ - 9-21-2007 at 06:46 PM

I'm not sure this is the correct way to do this but here is what I did. Went to the notary with a copy of my fideocomiso and made a mexican will with the change of benificiary and some specific instructions for other items.

jerry - 9-21-2007 at 07:53 PM

what did it cost russ? and is it now part of your fedio in mexico city??

toneart - 9-21-2007 at 08:08 PM

Quote:

Originally posted by Russ
I'm not sure this is the correct way to do this but here is what I did. Went to the notary with a copy of my fideocomiso and made a mexican will with the change of benificiary and some specific instructions for other items.

If this can be effected by not having to rewrite the Fideicomiso, great! Notarios Publicos are real estate lawyers. it is a high, appointed position. They bear responsibility for their work. So, does this Mexican Will attach to the Fedeicomiso as an amendment?

Russ - 9-21-2007 at 08:12 PM

Cost about $100us. I'm not sure if any of the fedios go to Mexico unless you pay extra. I have copies of my will with the beneficiary and some close friends so there shouldn't be a problem. Especially if you use the same notary as the fedio.
toneart, I don't remember if it is attached to it. I don't think so. But all the document numbers are included in the will.

[Edited on 9-22-2007 by Russ]

rhintransit - 9-21-2007 at 08:21 PM

I have a friend in La Paz who just changed names on hers (was joint but her partner died), and changed beneficiaries at the same time. it was a very complicated procedure involving the bank holding the fido and notaries and translators and multiple trips to various agencies over a period of many months. I will email her, ask for the details and get back to the forum. sanfelipebob if you will U2U me I will ask her permission to give you her email address and you could correspond directly.

toneart - 9-21-2007 at 08:32 PM

Quote:

Originally posted by rhintransit
I have a friend in La Paz who just changed names on hers (was joint but her partner died), and changed beneficiaries at the same time. it was a very complicated procedure involving the bank holding the fido and notaries and translators and multiple trips to various agencies over a period of many months. I will email her, ask for the details and get back to the forum. sanfelipebob if you will U2U me I will ask her permission to give you her email address and you could correspond directly.

Alas, in Mexico it is usually complicated and to what degree depends on who is doing the work and where. At that, there is probably no legal standard that is universally applied. It almost always takes more time than seems reasonable. Time=money.
Gringo=more money.

bajajudy - 9-21-2007 at 09:35 PM

I would bet the bank.....that the bank will want a fee for changing your original. I have heard this for other reasons; if the document has to be changed a fee will probably be charged.
That is why it is so important that you make sure it is correct when you sign it!

According to the GG...this is National Will Month in Mexico.

I asked our notary and he didnt really give me a definite answer about the cost but I am making an appointment with him to discuss if we need one as we own no property in the USA and all of our Mexican holdings are in both of our names.

oladulce - 9-22-2007 at 12:28 AM

I’d say the bank too. I'd contact the fiduciary manager at your fide bank. One of our fides states that the bank will charge $3000 pesos for “any changes made to the original document such as changes in beneficiary names".

rhintransit - 9-22-2007 at 07:42 AM

Quote:

okay, friend wrote back, said it cost her 'more than $1000' because she was
'changing the whole thing.' and guesses maybe it would be less if you were just chaning beneficiaries. sorry no definitive answer. I know it took her more about six months, though part of that was the woman at the bank took a vacation and Pat, friend, went to the states for a month. at any rate, a long time. she suggests checking with your bank for a definitive answer. sorry not to be of more help.

longlegsinlapaz - 9-23-2007 at 01:29 PM

The Fideiocomiso is viewed as a single document in its entirety...a change to any part of that is a change to the entire document as a whole & as such, hefty fees are charged. Actual amount will vary from Notario to Notario.

Oladulce, that's just the BANK'S fees....the NOTARIO will charge their own fees & they're substantially higher!

Judy, a one-person will in La Paz is around $200 (equivalent USD); two wills or a two-person will be more!

toneart - 9-23-2007 at 04:52 PM

Quote:

Originally posted by longlegsinlapaz
The Fideiocomiso is viewed as a single document in its entirety...a change to any part of that is a change to the entire document as a whole & as such, hefty fees are charged. Actual amount will vary from Notario to Notario.

Oladulce, that's just the BANK'S fees....the NOTARIO will charge their own fees & they're substantially higher!

Judy, a one-person will in La Paz is around $200 (equivalent USD); two wills or a two-person will be more!

OK, does the will supersede the unchanged Fideicomiso which has a different beneficiary? I can see all kinds of problems. What if one heir has the will and another the Fide.? What if one judge would rule one way and another judge rule the other way? I think the two instruments could conflict. Maybe the law is clear on the subject and applied uniformly. How does one know for sure?

bajajudy - 9-23-2007 at 05:20 PM

Tone
I will ask when I talk to the notary next week if they should agree. Simple logic says yes.